JPMorgan Chase & Co. Increases Stock Holdings in SiTime Corporation $SITM

JPMorgan Chase & Co. raised its holdings in SiTime Corporation (NASDAQ:SITM) by 72.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 42,240 shares of the company’s stock after buying an additional 17,725 shares during the quarter. JPMorgan Chase & Co. owned about 0.16% of SiTime worth $9,000,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SITM. Advisors Asset Management Inc. increased its holdings in shares of SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after acquiring an additional 88 shares in the last quarter. Game Plan Financial Advisors LLC purchased a new stake in SiTime during the 2nd quarter worth approximately $25,000. CWM LLC increased its stake in SiTime by 36.2% during the 2nd quarter. CWM LLC now owns 617 shares of the company’s stock valued at $131,000 after purchasing an additional 164 shares in the last quarter. Yousif Capital Management LLC raised its holdings in shares of SiTime by 3.5% in the second quarter. Yousif Capital Management LLC now owns 7,238 shares of the company’s stock worth $1,542,000 after buying an additional 246 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of SiTime by 8.5% in the second quarter. Bank of Montreal Can now owns 3,168 shares of the company’s stock worth $675,000 after buying an additional 247 shares during the last quarter. Institutional investors and hedge funds own 84.31% of the company’s stock.

SiTime Stock Up 1.3%

SiTime stock opened at $366.49 on Wednesday. The business’s 50-day moving average price is $295.75 and its 200 day moving average price is $250.59. The firm has a market cap of $9.57 billion, a price-to-earnings ratio of -123.81 and a beta of 2.55. SiTime Corporation has a 52 week low of $105.40 and a 52 week high of $386.00.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. The company had revenue of $83.57 million during the quarter, compared to the consensus estimate of $78.08 million. SiTime had a negative return on equity of 5.69% and a negative net margin of 25.18%.SiTime’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.40 earnings per share. Equities analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

Insider Activity

In other news, insider Fariborz Assaderaghi sold 1,500 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $291.58, for a total transaction of $437,370.00. Following the sale, the insider directly owned 84,815 shares in the company, valued at $24,730,357.70. This trade represents a 1.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Samsheer Ahamad sold 4,000 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $291.10, for a total value of $1,164,400.00. Following the completion of the transaction, the insider directly owned 51,711 shares of the company’s stock, valued at $15,053,072.10. The trade was a 7.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 32,311 shares of company stock worth $9,825,229 in the last ninety days. Corporate insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SITM shares. Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research report on Wednesday, October 8th. Needham & Company LLC increased their price objective on SiTime from $250.00 to $360.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Raymond James Financial restated an “outperform” rating on shares of SiTime in a research note on Tuesday, December 2nd. Loop Capital assumed coverage on SiTime in a research report on Friday, November 21st. They issued a “buy” rating and a $350.00 target price on the stock. Finally, Roth Capital reiterated a “buy” rating and issued a $350.00 price target on shares of SiTime in a report on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $332.14.

SiTime Company Profile

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.